Zksync 2.0 Goes Live, Promises Lower Gas Fees, Faster Transactions on Ethereum Mainnet

Matter Labs is a blockchain startup that’s developing a high-tech roll-up product. announced ZkSync 2.0 was launched Friday. This is an Ethereum scaling solution that allows developers to host smart contract, deploy DeFi protocols and NFTs, as well as other applications on the Ethereum network.

According to the report, the launch of Layer 2 scaling solutions is highly anticipated. They use zero-knowledge technology but are natively compatible and compatible with Ethereum applications. ZkSync 2.0 is compatible with existing Layer 1 smart contract and app (applications), and makes it easy for developers to transfer them from the Ethereum mainnet into Layer 2.0 ZkSync.

The report stated that despite the launch, dapps, or decentralized applications, will still be unable to use the zkSync 2.0 platform.

Matter Labs labels the release a “baby-alpha” phase. Access will initially be restricted. The ZkSync 2.0 network won’t be accessible to any outside applications for the first month. It will also not be available to anyone else. The Matter Labs team explained to us that the initial phase of ZkSync 2.0 is for security testing and stress testing.

Matter Labs has described the next phase as “fair beta” and says it will allow developers to move their apps onto the zkSync2.0 network and start building on it. According to the report, several cryptocurrency projects including DeFi protocols like Uniswap have expressed interest in deploying apps on the zkSync2.0 network.

Matter Labs stated that the final phase of the network’s open-access will take place at the end the year.

ZkSync 2.0 is a Layer-2 scaling solution that provides low-gas and fast transactions on Ethereum (Layer 1) without compromising on security. According to the report, ZkSync2.0 is a Layer-2 scaling solution. ZkSync 2.0 dramatically reduces gas costs, without compromising security or user control, while allowing users to seamlessly move assets (crypto and DeFis, among others) between Layer 1 and Layer 2 at any moment, without delay.

Matter Labs is the company behind zkSync and has been working to create its 2.0 version since 2020. The Ethereum Foundation and top-tier investors like Union Square Ventures provided funding to the company for this task.

Matter Labs introduced a 1.0 version in June 2020. Now, the zkSync2.0 network has been launched for deployment.

In the recent past, Ethereum Foundation clarified that while the Ethereum Merge upgrade might improve transaction speeds, it won’t lower gas fees. Because gas fees are an indicator of network demand relative the network’s ability, this is why they don’t lower them. The Merge upgrade doesn’t reduce gas fees, since gas costs depend on how often the blockchain is used. To make transactions fast and cheap on the Ethereum network, Layer 2 such as StarkNet or zkSync is necessary.

Source: Shutterstock

Share:

Facebook
Twitter
Pinterest
LinkedIn

Leave a Reply

Your email address will not be published. Required fields are marked *

Categories

Follow NovaUmi

Let's connect on any of these social networks!

Subscribe to our newsletter.

We respect your privacy

Read More

Related Posts